Stingray boosts credit facility by C$50 million, extends to 2026

By Rebecca Melvin

Concord, N.H., Oct. 19 – Stingray Group Inc. said it has obtained a C$50 million increase of its existing credit facility and extended its term to 2026, according to a company release.

The C$442.5 million credit facility consists of a C$375 million revolving credit facility and C$67.5 million term loan, both maturing in October 2026.

The renewed terms include incremental commitments up to C$100 million upon request, subject to predetermined conditions.

Pre-existing sub debt of C$32 million maturing October 2023 combined with the new facility means the company has available loans for up to C$574.5 million.

The credit facilities are provided by a syndicate of banks, led by National Bank of Canada and Federation des Caisses Desjardins as co-lead arrangers and comprised of Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Scotiabank, HSBC Bank Canada, Royal Bank of Canada and Investissement Quebec.

The business-to-business multi-platform music and in-store media company is based in Montreal.

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